"The waters have been parted by central banks around the world, and we can see the promised land, but we've got a desert to go through," Noah Blackstein of Dynamic Mutual Funds told CNBC. "That desert is really bad corporate earnings, over the next — at least — six months."

Recommendations:

In the meantime, Blackstein is looking at companies with a lot of cash and cheap valuations.

"You look at Apple," he said. "Of course, their guidance wasn't going to be strong, but there's a company (with) a very solid balance sheet, and longer-term growth intact."

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Disclosures:

Disclosure information for Noah Blackstein was not immediately available.